All Forum Posts by: Dan M.

Since you've almost been there a year, you could just repeat what you did with your current place. FHA loans are 3.5% down and you can get many owner occupied conventional loans for 5% down.

I'm actually hosting a house hacking seminar on doing exactly what you're doing at the end of the month. We'll be at Commonwealth Brewing at 7pm on 28 July if you're interested. Message me if you want more info, I'm happy to chat!

Hey Olga, I'm an agent in Norfolk. My team and I work with a lot of investors and there are still deals out there (even on the MLS). It just takes a bit more time, effort, and creativity. My team and I also host a monthly (currently virtual) meetup with a local wholesaler. Message me and I'll send you the link!

Hey Hannah,

You definitely picked a good market to invest in. I’m a local agent who primarily works with investors and have been investing here myself since 2016. My real estate team co-hosts a local meetup called Hopportunity. Message me and I can send you the details. 

Be sure to read the agency disclosure carefully to see exactly who they're representing. It sounds like they found you a deal which is becoming tougher to get these days. While dual agency can create ethical problems by preventing the agent from entirely acting in your best interest, look at the big picture. Getting a cash flowing property in today's market isn't always easy.

Step one is to get a good local lender. I've had issues closing with big banks and online budget lenders. If you find a good agent, they will likely have lenders they like working with. As far as properties go, it would be great to get a multi-family and house hack, but don't limit yourself. You could find a good single family, live in it for a year to get the benefits of an owner occupied loan, then repeat in a year. It also gives you the opportunity to make improvements while you live there.

I'd say most people regret not getting started sooner. If you're able to invest, I'd say go for it. Just be sure you buy right!

If you can cashflow $500/month and work towards your end goal of owning rentals, I'd say refinance and keep it. You're essentially getting the property for $35k. Seems like a great deal to me!

It's definitely worth shopping around for lenders. If one gives you a better rate, you can use that as leverage. Also, finding a local lender tends to make the entire transaction go more smoothly than some of the larger banks.

Hey Ryan,

I’m an agent here in Norfolk and would be happy to help. Send me a message and we can discuss the details of what you’re looking for. 

-Dan

Hey Cesar,

The market has been red hot lately here and everyone seems to want duplexes. It’s been difficult finding ones that will cashflow once you move out. 

I’ve advised most of my clients to look at house hopping (buying, fixing up, and living in a single family). This allows you to pick up a new property every year as you build up your portfolio.

I’d be happy to talk more offline. Hope this helps!

-Dan